Electric vehicle makers, micromobility startups, freight haulers and other transportation startups saw venture investments skid 33% last year as deal values did a Thelma and Louise.
Why it matters: Investors have lost patience with mobility startups.
What's happening: A slew of glitzy EV startups fell far short of production targets and plowed through mountains of cash in the process.
- You've seen the stories here: Arrival, Canoo, Electric Last Mile, Faraday Future, Fisker, Lightning, Lordstown, Lucid, Nikola and Polestar have all struggled mightily.
The latest: Lucid yesterday disclosed plans to cut about 18% of its workforce, or some 1,300 workers.
- The electric automaker's 2023 forecast was far below analyst expectations — and the California company reported a sharp drop in orders last quarter.
Plus: Micromobility companies Helbiz and Bird have suffered through serious cash and leadership struggles.
Between the lines: All the companies above went public in the SPAC and IPO boom of 2020 and 2021.